“The IMC Group, PCT’s directors and public officers have been working together for more than a year on principles of operation and alignment and we are pleased to announce the signing of a memorandum of understanding which subject to further due diligence will see IMC take a 25% shareholding in PCT,” the companies said in a statement.

“An alignment with IMC will open up opportunities for PCT by providing avenues for growth in both Australia and in the international marketplace, resulting in enhanced revenues through the channelling of engineering work scopes,” PCT said.

“IMC in turn will enhance its capabilities in the oil & gas and mining sectors throughout the Asia Pacific region by accessing PCT as a unique source of knowledge and expertise. This investment in PCT will increase IMC’s knowledge of current and future resource and infrastructure opportunities in Australia.”

While in most aspects there will be no obvious changes to the image, brand and operations of PCT, PCT will be better equipped and supported to develop new ventures and markets, and to undertake major projects, the company said.

IMC will be represented by up to two directors on the PCT Board but will not be involved in the day-to-day operations and running of PCT. The inclusion of the IMC directors will bring extensive international management expertise to the PCT board, the engineering company said.